Large holders of LINK moved millions of tokens to Binance just days before Chainlink revealed a major banking initiative, raising concerns about increased selling pressure.
On-chain data from the Ethereum network shows Binance recorded a net inflow of more than 10.2 million LINK on June 19. This pushed the exchange’s LINK reserves from 84.1 million to 94.3 million tokens within a single day.
According to CryptoQuant, the sudden inflow caused the seven day average netflow to spike by 20,677 percent compared with its three month average, highlighting a sharp and unusual shift in exchange activity.
The large transfer occurred just days before Chainlink introduced Project Pangea on June 23. The initiative focuses on T+0 foreign exchange settlement and involves more than 80 banks across Europe and South Korea, representing over $10 trillion in assets under management.
Historically, exchange inflows of this size tend to increase available selling supply and are often linked to heightened market volatility.
Despite the substantial movement, LINK’s price reaction remained relatively muted. During this period, the token declined from around $8 to approximately $7.3.
Data also showed the inflows were highly concentrated among a small number of large holders. The “inflow top 10” metric closely matched the total inflow volume, suggesting that most of the transferred tokens came from a handful of whale wallets rather than widespread retail activity.
CryptoQuant noted that while Project Pangea could represent a major long term development for the Chainlink ecosystem, short term on-chain data points to growing exchange supply and potential selling pressure.
At the same time, broader investor interest in LINK remains strong. Earlier this month, Santiment reported that the number of wallets holding at least 1 LINK climbed above 535,000, the highest level since December 2022.
This growth in holders comes even though LINK remains well below its previous market cycle highs.
Institutional sentiment has also shown mixed signals. Spot LINK ETF flows turned positive again on June 23 after recording their first daily net outflows on June 22. The funds saw $491,000 in net outflows before sentiment quickly improved with fresh inflows of about $138,000 the following day.
Activity cooled again on June 24, with no net flows recorded.
Despite recent fluctuations, data from SoSoValue shows total spot LINK ETF inflows for June currently stand at $3.61 million.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
